GDP FORECASTS FOR 2004 SET AT 35 TRILLION MANAT

Farhad Aliyev, Minister of Economic Development, has predicted that for the year 2004, the volume of gross domestic product of the country would be worth 35 trillion manat. He said that his forecast was based on forecasts by his ministry concerning the GDP growth of 9% expected in 2004. Mr Aliyev noted that the Ministry of Economic Development has submitted to the government their proposal concerning the volume of GDP for 2004, as well as 2005 and 2006, which envisages preserving the current growth rates. The minister said that in 2004 he expected the current rates of growth, inflation and other economic parameters to prevail. In 2003, inflation levels are predicted around 2.5-3.0% per annum.